Former Patisserie Valerie CFO among four charged with fraud
All four suspects were served with charges at their homes with conspiring to inflate the cash in Patisserie Valerie’s balance sheets and annual reports from 2015 to 2018
The Serious Fraud Office has brought fraud charges against four individuals, including CFO Christopher Marsh, who oversaw the financial failure of Patisserie Valerie, a chain of almost 200 high street bakeries.
This comes after the SFO opened a full investigation into the conduct – codenamed ‘Operation Venom’ – in October 2018, two days after the company abruptly suspended trading and closed 70 stores when its debts were revealed, causing the loss of over 900 jobs.
Those charged include Marsh, who held the role for 12 years, and his wife, accountant Louise Marsh, as well as financial controller Pritesh Mistry and financial consultant Nileshkumar Lad.
All four suspects were served with charges at their homes with conspiring to inflate the cash in Patisserie Valerie’s balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors.
During this time, the company also reported holding £28m in accounts, yet concealed £10m in debts from its investors and creditors.
As a result, the defendants have been summoned to appear at Westminster Magistrates’ Court on 10 October 2023 to hear the charges against them.
Lisa Osofsky, director of the SFO, said: “Patisserie Valerie’s abrupt collapse rocked our high streets – leaving boarded-up shops, devastating job losses and significant investor losses in its wake. Today is a step forward in getting to the bottom of this scandal.”
